EarningsQ4 2026 Earnings Report
CODAF Q4 2026 EPS Results
Actual EPS$0.41
Consensus EPS$0.39
Beat/MissBeat by +$0.01
One Year Ago EPS$0.23
CODAF Q4 2026 Revenue Results
Actual Revenue$344.40M
Expected Revenue$324.76M
Beat/MissBeat by +$19.64M
YoY Revenue Growth+30.61%
Earnings Announcement Details
QuarterQ4 2026
Date08/19/2026
TimeAfter Close
Conference CallWednesday, August 19, 2026
CODAF Upcoming Earnings
Codan Limited's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
CODAF Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial performance: substantial revenue growth (+30%), pronounced margin expansion (EBIT/NPAT +67%/+69%, NPAT margin to 20%), robust cash generation (net cash $36m) and strategic progress across businesses (DTC unmanned momentum, ADI acquisition, Zetron contract wins, Minelab product-led growth with +42% revenue and 45% margin). Management acknowledged reinvestment-driven expense increases and flagged supply-chain and short visibility risks (4–6 months) plus localized geopolitical/regulatory headwinds (tariffs, some African regions inactive). Overall the positive results, healthy order book (+50% YoY), and strong balance sheet materially outweigh the execution and supply risks highlighted.Company Guidance
Group Revenue Growth
Group revenue grew 30% year-on-year to $875 million, driven by strong organic demand across Communications (unmanned systems) and Minelab (gold detectors) and a full year contribution from Kagwerks.
Profitability Expansion
EBIT and NPAT increased by 67% and 69% respectively versus FY '25, with NPAT margins improving to 20% (up 5 percentage points year-on-year), reflecting improved product mix and operating leverage.
Strong Cash Position and Financial Flexibility
Net cash of $36 million at year end, an improvement of $124 million from a net debt position of $88 million at 31 Dec 2025; available funding includes a $250 million undrawn facility and $150 million accordion capacity.
Dividend Increase
Board declared a fully franked final dividend of $0.29 per share, taking full year dividends to $0.485 per share, up 70% year-on-year, demonstrating disciplined capital management.
Engineering Investment
Engineering spend totaled $78 million (~9% of group revenue), supporting product development across Communications (multi-waveform radios, SALUS) and Minelab (product refresh and leadership).
Communications Revenue and Margin Outperformance
Communications revenue grew 22% to $506.2 million, slightly above the top end of the FY '26 target range; segment profit rose 45% to $156 million and margins expanded to 31% (up from 26%), exceeding the 30% margin target 18 months ahead of schedule.
Order Book Growth and Visibility
Group order book increased 50% year-on-year and was $380 million at 30 June (29% growth vs Dec 2025), providing strong revenue visibility into FY '27.
DTC / Unmanned Systems Momentum
DTC unmanned-related revenue more than doubled to approximately $215 million, with continued acceleration in H2 and first orders secured into U.S. sovereignty programs; product innovation includes multi-waveform radios and BluSDR enhancements.
Strategic Acquisition Bolstering Capabilities
Completed acquisition of Adaptive Dynamics (ADI), enhancing anti-jamming, interference mitigation and U.S.-based EW capabilities to strengthen competitiveness for next-generation U.S. and allied defense programs.
Zetron Backlog and Key Contracts
Zetron's order book increased 25% year-on-year; notable contract wins included $19 million (major U.S. utility), $11 million (U.K. Emergency Services Network), and $8 million (London underground radio modernization), supporting recurring and services revenue.
Minelab Outstanding Performance
Minelab revenue up 42% to $362 million and segment profit up 65% to $162.4 million; segment margin increased to 45% (from 39%), H2 revenue 15% higher than H1, and Rest of World +32% with Minelab Africa up ~60% to ~$184 million driven by new product launches (GPZ8000, Gold Monster 2000, Vanquish 60, MDS-20).
Positive FY '27 Outlook
Management targets group FY '27 revenue growth of ~20% (subject to supply constraints), Communications long-term sales growth target remains 10-15% p.a. but near-term momentum supports higher growth, and Minelab expected to benefit from a full 12-month contribution of new products.
CODAF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed